4 Effective Business Development KPI’s for Your Website

4 Effective Business Development KPI’s for Your Website

Does your business development strategy utilise customer-centric key performance indicators (KPI)?

Once you already realise that KPIs are essential metrics to evaluate the success of your digital marketing efforts anchored on your business website - then the next step would be to identify which KPIs would match your need to produce an effective business development strategy.

Website KPI

In my experience the success metrics of websites can be subsumed under 4 effective KPI measurements: Reach, Interact, Convert and Engage.

1. Reach

Customer Centric Key Performance Indicator

How is your website growing your audience online?

Your website “reach” should be placing your brand, product, or service where your ideal paying customer is most attentive to your message.

2. Interact

Develop and Encourage Business Interactions

How is your website encouraging interactions to get you more leads for your business?

Your website should be interacting with your visitors and guiding their way towards actually doing business with you.

3. Convert

business development strategies for conervsions

How is your website actually converting site visitors into actual paying customers?

Your website should be turning site visitors to actual paying clients, and keep them coming back for more.

4. Engage

Engage Business to Business Relationships

How is your website developing customer loyalty?

The key to business development, is essentially building long-term relationships with your buyers, getting them to repeat purchases and be advocates for your brand, product, or service in order to encourage more friends to do business with you.

As there are different types of websites, there would also be differing KPIs. Your business website may be a mix of types of websites based on a combination of your goals, and therefore the appropriate KPIs can also be combined.

business development strategies KPI Indicator

In this article I will discuss the effective KPI measurements based on what you are measuring for the success of your business website: Tracking metrics, Performance drivers (diagnostics), Customer-centric KPIs, Business value KPIs.

Tracking Metrics

When the goal of your business development strategy is to track patterns in facts and figures that will say whether your digital marketing efforts are worthwhile to your business. Your business will need to monitor the following:

​Reach Audience

  • Unique visitors
  • New visitors
  • Visits
  • Conversation volume

Encourage Interaction (Including Lead Generation)

  • Online opportunity  (lead) volume
  • Offline opportunity (lead) volume generated from online

Convert to Sale

  • Online sales volume
  • Offline sales volume generated from online

Engage Customers to Retain and Grow

  • Email list quality
  • Email engagement quality
  • Transactions

REACH – Monitor for the number and type of visitors to your site, number of visits, even the volume of conversation with them.

INTERACT – Monitor for the volume of both online and offline leads generation.

CONVERT – Monitor for the volume of both online and offline customers who complete an order.

ENGAGE – Monitor for the quality of your e-mail list, engagement, and transactions generated.

Performance Drivers (Diagnostics)

When your website is set up to gather facts and figures to be used to make decisions to improve the performance and growth of your business, monitor the following:

​Reach Audience

  • Share of Audience
  • Share of Search
  • Brand/Direct Visits

Encourage Interaction (Including Lead Generation)

  • Page Engagement Rate (Bounce Rate, Duration)
  • Lead Conversion Rate by Engagement Tool

Convert to Sale

  • Conversion Rate to Sales
  • Channel Conversion Rates
  • Category Conversion Rates

Engage Customers to Retain and Grow

  • Active Customers % (Site and Email Active Hurdle Rates)
  • Active Social Followers
  • Repeat Conversion Rate

REACH – Monitor your share of the online audience, the search for your brand, and the actual brand/direct visits.

INTERACT – Monitor for the actual rate of engagement on your page – including the time spent on your site/page and even the bounce rate of those who only view one page before they leave your site, as well as the rate of lead conversions from your site’s engagement tools.

CONVERT – Monitor for the conversion rate - visitors who buy something on your site, the channels used to purchase whether by email, newsletter or other engagement tools, the category of sales transactions.

ENGAGE – Monitor for the percentage of customers actively engaging you whether by email, on your website or social media, the rate of repeat purchasers.

Customer-centric KPI's

When your website goal is to put customers (as opposed to events, channels, or categories) at the centre of your analysis and decisions, monitor the following:

​Reach Audience

  • Cost per click and cost per sale
  • Brand awareness
  • Conversation polarity (sentiment)

Encourage Interaction (Including Lead Generation)

  • Cost per lead
  • Customer satisfaction

Convert to Sale

  • Average order value
  • Cost per sale
  • Customer satisfaction

Engage Customers to Retain and Grow

  • Lifetime value
  • Customer loyalty index
  • Customer advocacy
  • Products per customer

REACH – Monitor for how much it costs when a customer clicks on an ad, the cost of a sale, the growth of an audience aware of your brand, how your audience views your brand.

INTERACT – Monitor for how much it costs to generate a lead, the satisfaction of your customer.

CONVERT – Monitor for the value of the products purchased on your site within a specific period, how much it costs to make a sale, the satisfaction provided to your customer.

ENGAGE – Monitor how much a customer is spending on your online store, customers who have made a second purchase within a period, customers who have endorsed your brand to their own circles, what products are purchased by specific customers.

Business Value KPI's

When you want your website to help you evaluate the value of your business, monitor the following:

​Reach Audience

  • Audience share (owned media)
  • Shared voice (earned media)

Encourage Interaction (Including Lead Generation)

  • Goal value per visit
  • Online lead contribution (n,£, % of total)

Convert to Sale

  • Revenue per visit
  • Online-originated contribution to sales, revenue and products

Engage Customers to Retain and Grow

  • Retained sales growth and volume
  • Revenue per channel and category

REACH – Monitor for your audience share on your website or socials, the weight or attention given to you against similar brands.

INTERACT – Monitor for the value of site/page visits, the leads generated by your online efforts.

CONVERT – Monitor for the ROI of site/page visits, actual sales, revenue calculation and product.

ENGAGE – Monitor for sales growth and volume retained over time, specific channels used for purchases, specific categories used.

Use these 4 KPI measurements of Reach, Interact, Convert, Engage to guide you to define, measure, test, and tweak which KPIs will work for your business website.